Estonia Industrial production March 2017

Estonia: Industrial output surges in March

May 1, 2017

According to Statistics Estonia, industrial production expanded a sharp working-day adjusted 14.8% over the same month last year in March. The result, which followed the revised 8.9% increase registered in February (previously reported: +9.0% year-on-year), marks the best expansion since August 2011. Double-digit expansions in energy production, mining and manufacturing were behind the strong monthly reading.

A seasonally adjusted month-on-month assessment shows that growth in industrial production accelerated marginally from 2.3% in February to 2.4% in March. Meanwhile, the annual average variation in industrial production picked up from 3.3% in February to 4.9% in March, an almost two-year high.

FocusEconomics Consensus Forecast panelists expect industrial production to grow 3.3% in 2017, which is unchanged from last month’s projection. The panel foresees industrial production increasing 3.4% in 2018.

According to Statistics Estonia, growth in industrial production accelerated from a revised working-day adjusted 4.5% year-on-year increase in September (previously reported: +4.1% year-on-year) to a 6.2% expansion in October.